SAN FRANCISCO & LONDON--(BUSINESS WIRE)--Visa (NYSE:V) today announced an agreement to acquire Fraedom, a Software-as-a-Service technology company providing payments and transaction management solutions for financial institutions and their corporate customers. Fraedom has been a Visa partner for nearly ten years, and its technology underlies Visa IntelliLink Spend Management, a core platform for Visa’s commercial and small-business clients. The acquisition will strengthen and expand Visa’s business suite of solutions to meet the rapidly evolving needs of the B2B payments industry.
Fraedom offers transaction management products and services, including expense management and accounts payable solutions. For over 17 years, the company has been offering its products to financial institutions, payment networks, processors, governments and technology companies worldwide. Fraedom brings to customers mobile-first experiences that make it simple for corporate users to complete critical tasks quickly and intuitively.
“Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools,” said Vicky Bindra, global head of products and solutions, Visa. “This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees.”
“We couldn’t be more excited to join the Visa family,” said Kyle Ferguson, CEO, Fraedom. “The combination of Visa’s leadership, reach and deep knowledge of digital payments, coupled with our expertise in the B2B market for our growing customer base, will allow us to better service businesses around the world with fast, secure and robust commercial payments solutions.”
The transaction, which is subject to the customary closing conditions, is expected to close in Q1, 2018.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
About Fraedom
Fraedom works with banks globally to enhance their commercial card programs and give their customers a better way to manage business spend through its easy-to-use spend management system. The platform helps banks to differentiate their service, drive card uptake, increase card spend and improve customer retention.
Fraedom’s solutions also facilitate card management and increased payment efficiency through an advanced invoice payment feature. Its future-proofed technology gives customers complete visibility of their card purchases through card statementing, while providing detailed transaction data reports.
Since its launch in 1999, Fraedom has managed over one billion transactions through its web-based platform, which translates to just under $270 billion (USD) in transactions to date. Fraedom’s technology has been used by over 173,000 organizations. The company boasts offices in the UK, US, Canada, Australia, New Zealand, Singapore and Hong Kong and manages transactions for a total of 5.7 million employees worldwide.
For more information about Fraedom, visit www.fraedom.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” "is expected," and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about the likelihood and timing of the closing of the acquisition or the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the risk that the transaction may not be consummated; the closing conditions relating to the transaction; and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2016 and our other filings with the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.